By Robb M. Stewart

MELBOURNE, Australia--Shopping-center owner Westfield Corp. (WFD.AU) has sold five assets in the U.S. for US$1.1 billion, part of its strategy to narrow its focus on flagship operations in leading markets.

Proceeds from the sale will be used initially to pay down debt and will be redeployed in time toward Westfield's US$11.4 billion development program, the company said Monday.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

December 20, 2015 17:52 ET (22:52 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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